Twiiter takes on friends, co-workers in every takeover conversation: Musk

Elon Musk says Twitter Inc. is casting too wide a net for the names of those he has spoken to about his proposed $44 billion takeover of the social media company.

The billionaire complained Wednesday to the judge in charge of their dispute. After a shootout of requests for documents about the acquisition, which Twitter sued Musk, Twitter is now going after friends, colleagues and businesses far outside the scope of the case for information. information on the financing of the agreement, argued its legal team.

In a letter to Judge Kathaleen St. J. McCormick of the Delaware Court of Chancery, Musk’s attorneys said they had already turned over the names of “dozens of individuals and entities” with “unique information” on financing. They said Twitter at this point was pushing for documents from anyone “who might have had a passing conversation” with Musk about the takeover.

The two sides are vying for position as they prepare for a trial on Oct. 17, sending a torrent of subpoenas to equity investors, advisers and banks involved in the proposed acquisition. On Thursday, Musk filed a notice of subpoena with ad tech companies Integral Ad Science and DoubleVerify. In trying to avoid takeover, he claims Twitter underestimated the number of bot and spam accounts on the platform.

Among the people and companies Twitter has described as “actual or potential” co-investors in the deal include Citadel CEO Ken Griffin and Founders Fund Growth II Management, a venture capital fund owned by the co-investor. PayPal founder and longtime friend of Musk, Peter Thiel. .

The question in Wednesday’s letter is who qualifies as a potential co-investor in Musk’s $7.1 billion capital raise for the takeover. On Musk’s side, Twitter wants to include anyone the Tesla Inc. CEO has spoken to about the deal in “even the briefest, insubstantial social interactions.”

A Twitter spokesperson declined to comment on the letter.

The case is Twitter v. Musk, 2022-0613, Delaware Chancery Court (Wilmington).

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